I have been investing with Momentum Investo for some years now. On the commencement of the Annuity my broker assured me that I would be able to fluctuate my contributions as I see fit to my financial needs. I recently purchased a home and informed Momentum that I was intent on funneling my finds to my home loan on which they slapped me with a massive premium reduction fine obliterating all my investment growth to date.
Referring back to my contract it is vaguely stated that I may be liable for an administration claw back fee but nothing in the order of this. After negotiations an agreement was reached and as of the 01 August 2013 I was assured the new premium would be deducted. This was not the case. On confronting my broker he was quite useless and Momentum is yet to return my calls after numerous attempts to resolve the matter. I have referred this matter to the ombudsman and PDA and am now still paying my full fees and slowly slipping into debt to make all my payments.
Momentum couldn't give a. The thoughts that come to mind are: inconsiderate, unprofessional, self-interest, swindlers. Why would one want to be associated with such an inept establishement?
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